are utilized for fabricating the outer bodies of disposable medical devices. Supreme quality polymers are used to produce new and enhanced artificial limbs and disposable devices that have prospered in mitigating the risk of contagion to patients. The need for disposable medical devices is more in the emerging countries as the health care sector in these economies has modernized and is capable of treating infectious diseases.
Increasing aging population has incredibly improved the demand for medical devices and hence can be attributed as the major drivers for global medical plastics market. Increasing the demand for more medical technologies, increasing number of manufacturing industries and application sectors under this market have together proved to be the key factors of growth in this market. Mergers & acquisitions along with geographic expansions are being adopted by companies many companies across the industry. Number of patents being filed for medical devices & applications by market players, have also seen an upsurge during the last decade.
Medical Plastics Market
is the critical component for the advancing medical devices industry. Since past decade, the market has experienced a rapid upsurge in terms of technological advancements, increasing automation, and integrating the entire value chain of the industry. Rising urbanization, increasing awareness regarding the disposable devices has catalyzed the growth of medical plastics market.
The medical plastics market can be divided into by type of plastics used, by application they are catered to and by geography. Based on the commercially available types the market is classified as thermoplastics and engineering plastics. Engineering plastics is the fastest growing segment and is estimated to see an increase in the near future. The demand of this segment is mainly driven due to its better thermal characteristics than the more broadly used thermoplastics. Engineering plastics also have their own set of unique properties which make them adaptable for many applications. Thus, the application of engineering plastic is extensive and is growing at a very fast pace.
Europe is the leading region for medical plastics market in terms of revenue in 2015 followed by America. European region is forecast to have highest growth in the next few years due to growing adoption of medical plastics market in industrial applications. European medical plastics market accounts to XX% of the global market. APAC is the fastest growing region in adoption of medical plastics market.The global market for medical plastics market
was estimated to be $XX billion in 2015. The global market for medical plastics market is estimated to grow at a CAGR of XX% and is forecast to reach $XX billion by 2021.medical industries, chemical industries are the major end-users for medical plastics market.
The global medical plastics market is a fragmented market owing to the large number of buyers and limited availability of suppliers across the globe. Also, the increasing rivalry among the players to obtain majority of the patents for medical plastics-based applications has played a major role in intensifying the level of competition. They mainly focus on providing high-quality and low-cost medical plastics. As medical plastics are an important component in medical industry, increasing investment in expanding disposable devices would drive the demand for medical plastics market. Some of the key companies include:
- Röchling Engineering Plastics (Germany)
- Phillips-Medisize Corporation (U.S.)
- Nolato AB (Sweden)
- Freudenberg Medical (U.S.)
- West Pharmaceutical Services, Inc. (U.S.) to name among a few others